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Lundin Mining Corp. has declared the Filo del Sol copper discovery one of the largest in recent history, containing an estimated 13 million tons of the basic metal that is crucial for the energy transition.The company operates the Filo del Sol and another copper project, Josemaria, both of which are located between Argentina and Chile, in a joint venture with mining heavyweight BHP. BHP bought Filo Corp. last year for a price of $3 billion, together with Lundin.According to Lundin, “Filo del Sol has been one of the most significant greenfield discoveries in the last 30 years and an amazing…

Subsea7 has secured a super-major contract1 with Petrobras, after winning a competitive tender, for the development of the Búzios 11 field located approximately 180 kilometers off the coast of the state of Rio de Janeiro, Brazil, at 2,000 meters water depth in the pre-salt Santos basin. The contract scope includes engineering, procurement, fabrication, installation, and pre-commissioning of 112km rigid risers and flowlines system.  Project management and engineering will commence immediately at Subsea7’s offices in Rio de Janeiro, Suresness and Sutton; Fabrication of the pipelines will take place at Subsea7’s spoolbase in Brazil, and Offshore activities are scheduled for…

Australian prime minister says he discussed tariffs and AUKUS security partnership in call with US president.Australian Prime Minister Anthony Albanese has said he had a “warm” conversation with United States President Donald Trump about trade and other issues after his Labor Party’s decisive election win over the weekend. Speaking to the media in Canberra on Monday, Albanese said the two leaders discussed tariffs and the AUKUS nuclear submarine partnership in a congratulatory phone call made by the US president. “It was a very warm discussion about the friendship between our two nations that’s so important,” Albanese said. “I have had three…

EAST HARTFORD, Conn. (AP) — About 3,000 labor union members went on strike early Monday at jet engine maker Pratt & Whitney in Connecticut, as negotiations over wages, retirement benefits and job security broke down.Members of the International Association of Machinists and Aerospace Workers were picketing at manufacturing locations in East Hartford and Middletown, after about 77% of nearly 2,100 union members voted to approve their first strike since 2001, union officials said. Their contract expired late Sunday.“Pratt and Whitney is a powerhouse in military and commercial aerospace products because our membership makes it so,” David Sullivan, the union’s eastern…

Shell is reportedly considering a takeover bid for fellow supermajor BP, which has seen its fortunes dim recently after its rather premature bet on a fast energy transition. The report comes from Bloomberg, which quoted unnamed sources familiar with the developments.The Financial Times, meanwhile, quoted Shell’s chief executive, Wael Sawan, as saying he would rather buy back Shell’s own stock than take over BP. “We will always look at these things, but you are also looking to see what the alternative is,” Sawan told the FT. “Right now, buying back Shell [shares] for us continues to be absolutely the right…

Stay informed with free updatesSimply sign up to the Oil myFT Digest — delivered directly to your inbox.Oil prices slumped on Monday over renewed concerns of a global supply glut following a decision by Opec+ to announce a second consecutive monthly output increase.Brent crude, the global benchmark, fell more than 4 per cent to below $59 as the week began trading began, testing four-year lows hit last week. The price of West Texas Intermediate, the US benchmark, fell to near $56. Traders were reacting to a decision on Saturday by eight Opec+ members, including Saudi Arabia and Russia, to increase…

Logo of the Organization of the Petroleum Exporting Countries (OPEC)Andrey Rudakov | Bloomberg | Getty ImagesU.S. crude oil futures fell more than 4% on Sunday, after OPEC+ agreed to surge production for a second month.U.S. crude was down $2.49, or 4.27%, to $55.80 a barrel shortly after trading opened. Global benchmark Brent fell $2.39, or 3.9%, to $58.90 per barrel. Oil prices have fallen more than 20% this year. The eight producers in the group, led by Saudi Arabia, agreed on Saturday to increase output by another 411,000 barrels per day in June. The decision comes a month after OPEC+…

Weekly Light Crude Oil Futures The bearish outlook hardened over the weekend, as OPEC+ officially agreed to increase production again in June, bringing total supply growth over two months to more than 800,000 barrels per day. This decision, led by Saudi Arabia and backed by eight key members, caught the market off guard and exceeded most analyst forecasts. Combined with weak demand growth and constrained investment across the sector, the market now faces a clear oversupply threat. Fundamentals point to a bearish oil prices forecast in the near term unless there’s a marked improvement in economic conditions or a surprise…

Golar LNG has reached final investment decision (FID) for the 20-year re-deployment charter of the FLNG Hilli Episeyo (FLNG Hilli), first announced on July 5, 2024. The vessel will be chartered to Southern Energy S.A. (SESA), offshore Argentina, to monetize gas from the Vaca Muerta shale formation. Vaca Muerta is the world’s second largest shale resource. In addition, Golar and SESA have signed definitive agreements for a 20-year charter for the MKII FLNG, currently under conversion at CIMC Raffles shipyard in Yantai, China. The MKII FLNG charter remains subject to FID and the same regulatory approvals as granted…

(Bloomberg) – The Trump administration sued Michigan and Hawaii seeking to block the states from suing oil companies for damage caused by climate change, less than two months after the U.S. Supreme Court rebuffed a Republican bid to derail such legal efforts. The U.S. claims the anticipated lawsuits interfere with federal policy on greenhouse gas regulation and are an “extraordinary extraterritorial reach” that goes beyond the states’ authority. “The United States is facing an energy crisis,” Justice Department lawyers said in the complaints. “Overly restrictive policies and regulation have caused inadequate development of America’s abundant energy resources.” The…